I look at it this way- there is what the written law says, and then there is what a cop might think, and then there is what an assisstant District Attorney might think, and then there is what a jury might think.
When it comes to something highly subjective like "Is this knife concealed", or "Can you clearly tell that this is a knife", unfortunately there is a lot of room for interpretation. And within that room for interpretation is a lot of opportunity for trouble.
If a cop thinks that it is conceald, they might arrest you. If the assisstant District Attorney who reviews the case thinks that it qualifies as conceald, you will be charged. If you go to trial and the jury agrees that it was conceald, you could go to jail (or more accuratley, back to jail).
Basically there are no garuntees and none of us here can tell you what a cop, or ADA, or jury might think. Even if one cop doesn't consider it to be conceald, another cop might, and arrest you for it. Like I said, it's highly subjective. And when you add to this the intense prejudice that people in the criminal justice system often have against the carrying of knives, well, there is deffinitely risk involved.
All that being said, I carry one of my fixed-blades with about the same amount of handle showing as the one in your picture. Cops have seen it without any problems. In fact, one cop who saw it once gave me a friendly warning, but it wasn't a warning about the knife itself but the fact that my jacket had momentarily and accidentally covered the knife thereby making it conceald. And the cop didn't want me to get into trouble for it.
But like I said, and as we all know, every cop is different. And the experiences of you or others may vary.