Yeah, but the path to that location is not right. It's using the absolute path, not the public_html path. It should be something like
http://yoursite.com/forum/clear.gif. Absolute path is local filesystem path to the file.
HTML Code:
<img id="quoteimg_{vb:raw post.postid}" src="{vb:raw vboptions.cleargifurl}" alt="{vb:rawphrase reply_with_quote}" />
Is what it looks like in the template postbit and postbit_legacy.
Go to AdminCP > Settings > Style & Language Settings > Location of clear.gif to modify the location of the clear.gif image.