Hi Jas,
In Tools=>Options=>View see if [x] Picture Placeholders
has been turned on.
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Image shows in Print Preview and Reading Layout Views.
However I mainly work in Print Layout mode >>
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Let us know if this helped you,
Bob Buckland ?

MS Office System Products MVP
*Courtesy is not expensive and can pay big dividends*
Office 2003 Editions explained
http://www.microsoft.com/uk/office/editions.mspx