Graphics Don't Appear or Won't Print
http://word.mvps.org/FAQs/DrwGrphcs/InvisibleGraphics.htm

Barnhill, Suzanne and Dave Rado
Word MVP Site, The
2005

Abstract:

Objects in the drawing layer are visible in Page Layout (Print Layout) view and Print Preview but not in Normal view. Interestingly, a frame is a sort of hybrid object that can appear to float (and text can be wrapped around it), but it is actually inline and can be viewed (though not in position) in Normal view.