Only show featured image on exerpt and exclude images in post

you need to change the_content('Read more'); to the_excerpt();

Then in your functions.php file

add_filter('excerpt_more', 'custom_read_more_link');
function custom_read_more_link($more) {
    return '<a href="'get_permalink().'">Read More</a>';
}

Also make sure that you’re calling wp_reset_query() after the while loop. This will achieve what you’re trying to do.

A personal suggestion: Please don’t use query_posts, instead create a new instance of WP_Query class. It takes the same parameters as query_posts except that the code changes a little

$query = new WP_Query('post_type=front&p=47');

while ($query->have_posts()) : $query->the_post();

The benefit of this is that you’ll not modify the wordpress global $wp_query variable