Chalomot Paz (חלומות פז) is an expression you can use before someone goes to sleep. It's in Hebrew, not Yiddish.
The literal translation is "golden dreams". meaning, "have golden dreams". It is a bit less common today but you can still find it, especially, before parents kissing their kids good night.
Chalom (חלום) - dream
Chalomot (חלומות) - dreams
Paz (פז) - gold (or something expensive). but no one actually use this word anymore outside of the context of "Chalomot Paz"
hey, chalomot paz It's in Hebrew!!