The anchor symbol will be next to whatever the graphic is anchored to
When you've got your graphic in position, you might want to modify its
position after you've seen it in place with the text. Now it would be
useful to see what the graphic is positioned relative to.
Behind the scenes, when you position a floating graphic, Word is
"anchoring" the graphic relative to whatever you've positioned the
graphic by (paragraph, page, and so on). For example, if you've
positioned the graphic relative to a paragraph, the anchor appears at
the start of the paragraph. Even if you've positioned the graphic by
dragging it where you wanted, it still has an anchor.
You can move an anchor by dragging it to a different position in the
document. This will only move the anchor — not the graphic. So in the
newsletter example, if you split the paragraph that the picture is
anchored to into two paragraphs, the anchor is then attached to the
second paragraph. You want the graphic to be positioned relative to
the first paragraph, so you could drag the anchor without moving the
picture. Now you can add many new paragraphs, but the graphic remains
in position anchored to the first paragraph.
Tip The graphic and the anchor must be on the same page. If you add
or remove text and the anchor moves to another page, the graphic will
join it. So you always want to position the anchor on the page that
you want the graphic to appear on.
If you want to remove it
If you really want to remove the anchor, you do it by selecting the object and deleting it from the document. If you just don't want to see the anchor symbol (but you do want to keep the object), click File > Options > Display and uncheck the box for "object anchors".