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

Code
			if ($v == 2 && !strstr($modcheck,",{$uid},")) continue;

replace with:
Code
			if ($v == 3 && !strstr($modcheck,",{$uid},")) continue;

It's checking the global mods group instead of the mods group.

[Linked Image from siemons.org]