Same bug I have, showed up since the last patch.
Can be temporary fixed (for me at least) by letting steam check the gamefiles..in my case it found 10 that were corrupt. Guess it's from all the CTD's and lockups it suffers.
Problem is the glass and reticule disappear again within 10 minutes of repairing the files.
Are you also running windows XP?
Core2duo @ 2.8GHZ
ATI 4750
4GB ram
XP 32 bit
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