If you are a global moderator and have that image ticked on for the world to see, it's not shown if you are not set as a moderator of that specific forum.
/libs/html.inc.php
if ($v == 2 && !strstr($modcheck,",{$uid},")) continue;
replace with:
if ($v == 3 && !strstr($modcheck,",{$uid},")) continue;
It's checking the global mods group instead of the mods group.